Category: Anti money laundering

Anti-Money Laundering Laws for 2023

Anti-money laundering (AML) laws are intimately connected with the law enforcement agencies of the U.S. Department of Treasury’s Office of Foreign Assets Control (OFAC), along with the Financial Crimes Enforcement Network, the Financial Intelligence Unit, and the Financial Action Task Force. OFAC is in charge of enforcing American economic sanctions with businesses or individuals involved with a foreign bank or financial institution.

Darknet Cryptocurrency Mixer that Processed Transactions

The Justice Department announced today a coordinated international takedown of ChipMixer, a darknet cryptocurrency mixer responsible for laundering more than $3 billion worth of cryptocurrency, between 2017 and the present, in furtherance of, among other activities, ransomware, darknet market, fraud, cryptocurrency heists and other hacking schemes. The operation involved U.S. federal law enforcement’s court-authorized seizure of two domains that directed users to the ChipMixer service and one Github account, as well as the German Federal Criminal Police’s (the Bundeskriminalamt) seizure of the ChipMixer back-end servers and more than $46 million in cryptocurrency. 

US updates AML laws to create new database

New regulations are set to come into effect in the US. Requiring businesses to submit personal identification documents to the federal government to aid in the prevention of money laundering. Under the Corporate Transparency Act, passed as part of the Anti-Money Laundering (AML) Act in the National Defense Authorisation Act for Fiscal Year 2021, a federal database containing personal and business information will be created. Database will be used to store information about who owns and operates legal entities within the United States.

Sanctions evasion and money laundering charges

A three-count indictment was unsealed today in United States District Court for the Eastern District of New York charging Mohammad Bazzi with, mainly, money laundering. He is a Lebanese and Belgian citizen, and Talal Chahine, a Lebanese citizen. Charged with conspiracy to conduct and cause United States persons to conduct unlawful transactions with a Specially Designated Global Terrorist. Also, attempt to conduct and cause United States persons to conduct unlawful transactions with a Specially Designated Global Terrorist, and money laundering conspiracy.  The indictment was returned under seal by a federal grand jury sitting in Brooklyn, New York on January 27, 2023, and relates to Bazzi and Chahine’s alleged activities in the United States, as directed from Lebanon.